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Reed's, Inc.
Company typePublic
AMEX: REED
Russell Microcap Index component
IndustryBeverages, Soft Drinks
Founded1989; 35 years ago (1989)
FounderChristopher J. Reed
HeadquartersNorwalk, Connecticut
Area served
North America
Key people
Norman E. Snyder
(CEO, Director)
Christopher J. Reed
(CIO, Founder)
John Bello
(Chairman)
RevenueDecrease US$33.820 Million[1]
(FY 2019)
Number of employees
28[1]
(Dec 2019)
Websitedrinkreeds.com

Reed's, Inc. is an American soft drinks company which manufacture ginger-based soft drinks, including ginger ale and ginger beer. The company was founded by Christopher J. Reed in 1989. It was originally based in Los Angeles, California but moved its headquarters to Norwalk, Connecticut in September 2018.[2]

History

Reed developed his first ginger beverage in 1987, after researching the health benefits of ginger.[3] In 1999, Reed's purchased the Virgil’s Root Beer brand from the Crowley Beverage Company. In 2001, Reed incorporated as Reed's Inc. with himself as the initial director.[4]

On October 11, 2006, Reed’s Inc. became a public company.[5] As of 2018, Reed’s portfolio is sold in over 30,000 retail stores in the United States.[6][7] The company reported $37.7 million in net sales in 2017.[4]

Organization

In 2016, John Bello joined the board of directors as chairman. Bello is the founder and former CEO of South Beach Beverage Company, the maker of teas and juices marketed under the SoBe brand name.[8]

In April 2017, Reed became the Chief Innovation Officer a newly created position leaving the CEO position vacant. In June 2017, Valentin Stalowir, a former executive at The Coca-Cola Company, Yum! Brands, and Quaker Oats, temporarily filled the vacancy as CEO[4] until September 2019 John Bello temporarily assumed the position.[9] In March 2020 Norman E. Snyder was appointed CEO.[10] Reed's and Valentin Stalowir entered into a separation agreement which activated October 31, 2019.[11]

In January 2018, Reed’s Inc. put its Los Angeles warehouse, production, and corporate office facility up for sale and plans to complete the sale by the end of the year.[6] Chris Reed managed to obtain additional financing and spun the Los Angeles facility and its contract bottling off as California Custom Beverages Inc.[12]

Reeds' moved its corporate headquarters to Norwalk, Connecticut in 2018. Reed's appointed several new executives, naming Iris Snyder as chief financial officer, Philip Trotman as director of marketing, and Beth Brown as director of supply chain and procurement.[13]

Products

In 2013, Reed’s, Inc. announced that it would be labelling all of its products as GMO-free.[14]

In 2017 and 2018, Reed’s streamlined its product line from over 100 products to approximately 25, focusing on Reed's and Virgil’s soft drinks.[4] Reed's soft drink line has nine varieties Their ginger candy line has two varieties.[15] Virgil’s line includes thirteen varieties of soft drinks.[16] Reed's products are sold in many retail outlets in the US and Canada.[17]

In 2021, Reed's began selling three of its soft drinks in resealable plastic bottles.[18]

Notable events

Reed's Spiced Apple Brew has won the "Outstanding Beverage Finalist" at the National Association for the Specialty Food Trade.[19] Reed's Original Ginger Brew has won the "Outstanding Beverage Finalist" from the National Association for the Specialty Food Trade.[19] Reed's Original Ginger Brew has won the "Best Imported Food Product" from the Canadian Fancy Food Association.[19]

Virgil's Root Beer won the "Outstanding Beverage" award at the International Fancy Food and Confection Show in 1994, 1996 and 1997.[19]

Reed's Inc. was selected by WholeFoods Magazine as the Runner Up Beverage Company in the Natural Choice Awards of 2010 and 2011.[20][21]

See also

References

  1. ^ a b "Reed's, Inc., Form 10-K, Annual Report, Filing Date March 18, 2020". secdatabase.com. Retrieved August 25, 2020.
  2. ^ Soule, Alexander (12 September 2018). "Root beer maker IDs new Norwalk headquarters". TheHour.com (Newspaper). Norwalk Hour. Retrieved 18 December 2018.
  3. ^ Flores, Adolfo (April 8, 2013). "Reed's nears profitability amid thirst for healthful drinks". Los Angeles Times (Newspaper). Archived from the original on April 9, 2013.
  4. ^ a b c d Stalowir, Valentin (April 2, 2018). "FORM 10-K -- ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 -- For the fiscal year ended December 31, 2017". U.S. Securities and Exchange Commission.
  5. ^ Clifford, Stephanie (February 1, 2008). "The Don't-Do-It-Yourself IPO". Inc.com (Magazine). Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  6. ^ a b "Reed's Virgil's Rebrand Bolsters Q3 Earnings". BevNet.com (Media company). 16 November 2018. Retrieved 18 December 2018.
  7. ^ "REED'S INC". FoodChain. Retrieved September 13, 2001.
  8. ^ "John Bello Named As Nominee For Reed's Inc. Board Chairmanship" (Media company). BevNet.com. 27 October 2017. Retrieved 18 December 2018.
  9. ^ "John Bello". Bloomberg. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  10. ^ "Reed's Inc. Appoints Norman E. Snyder, Jr. as Chief Executive Officer". GlobeNewswire (Press Release). February 24, 2020. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  11. ^ "Amendment No. 1 to Employment Agreement". U.S. Securities and Exchange Commission. September 29, 2019. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  12. ^ "Reed's, Inc. Announces the Sale of Los Angeles Facility, Completing Transformation Plan Initiatives". GlobeNewswire (Press release). 2019-01-03. Retrieved 2022-09-13.
  13. ^ "Reed's Inc. Announces Strategic Changes to Fuel Future Growth". GlobeNewswire. 31 July 2018. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  14. ^ "Reed's Announces GMO-Free Labeling". cspdailynews.com. 24 September 2013. Retrieved 18 December 2018.
  15. ^ "Really". drinkreeds.com. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "Zero Sugar -- Handcrafted". virgils.com/. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  17. ^ "Reed's Inc. Expands North America Distribution in Partnership with Unique Foods (Canada) Inc". GlobeNewswire. February 3, 2021. Retrieved September 13, 2022.{{cite web}}: CS1 maint: url-status (link)
  18. ^ "Reed's Resealable 20-Ounce Bottles". Convenience Store News. Retrieved 2022-04-01.
  19. ^ a b c d "Reed's Inc". Reedsgingerbrew.com. Archived from the original on 15 August 2012. Retrieved 17 August 2012.
  20. ^ Staff, WholeFoods Magazine (29 March 2010). "Natural Choice Awards 2010 - Whole Foods Magazine". Retrieved 13 January 2017.
  21. ^ http://www.wholefoodsmagazine.com/grocery/features/2011-natural-choice-awards 2011
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